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BUSINESS A25
Friday 24 November 2017
Asian stocks flat as Fed minutes show support for rate hike
By YOUKYUNG LEE Singapore and other South- expectations despite the Innes, head of Asia trading ed after a jump on reports
AP Business Writer at OANDA. that key oil producers might
SEOUL, South Korea (AP) — east Asian countries were jobless rate falling to the WALL STREET: U.S. stocks extend the cuts in produc-
Asian stock markets were finished mostly lower on tion they made at the start
largely flat on Thursday with slightly higher. lowest level in nearly 17 Wednesday retreating from of this year. U.S. crude fell
investors in the U.S. mar- their latest record highs. 15 cents to $57.87 per bar-
kets going on a Thanksgiv- FED: Minutes of the Fed’s years. But the minutes did The Standard & Poor’s 500 rel on New York Mercantile
ing holiday and the Fed index dipped 1.95 points, or Exchange. On Wednesday,
minutes largely in line with last meeting that ended not change expectations 0.1 percent, to 2,597.08. The the contract rose $1.19, or
investor expectations that Dow Jones industrial aver- 2.1 percent, to $58.02 a
the Fed will soon raise in- Nov. 1 showed that most for a December rate hike, age slid 64.65 points, or 0.3 barrel. Brent crude, used
terest rates for a third time percent, to 23,526.18. The to price international oils,
next month. Japan was officials generally believe analysts said. Nasdaq composite rose lost 23 cents to $63.09 per
closed on a holiday. that it’ll soon be time for ANALYST’S TAKE: While the 4.88 points, or 0.1 percent, barrel in London. It gained
KEEPING SCORE: China’s another increase in the minutes did not surprise to a record 6,867.36. The 75 cents, or 1.2 percent, to
Shanghai Composite Index Russell 2000 index of small- $63.32 a barrel.
fell 0.2 percent to 3,422.65 Fed’s key interest rate. A markets, “the statement er-company stocks lost 2.13
while South Korea’s Kos- points, or 0.1 percent, to CURRENCIES:
pi dipped 0.1 percent to few Fed leaders think rates does clear the air of one 1,516.76. U.S. markets will
2,538.88. Australia’s S&P/ should stay where they are raging debate, and that’s be closed Thursday for the The dollar rose to 111.35
ASX 200 was flat at 5,986.50. until there is more evidence 2018 rate hikes unambigu- Thanksgiving holiday. They yen from 111.24 yen.
But Hong Kong’s Hang will reopen Friday but will
Seng index rose 0.5 per- inflation is rising, showing ously depend more press- close at 1 p.m. ET. The euro rose to $1.1833
cent to 30,148.75. Stocks in OIL: The price of oil retreat- from $1.1819.q
Currency traders watch monitors at the foreign exchange deal-
ing room of the KEB Hana Bank headquarters in Seoul, South Ko-
rea, Thursday, Nov. 23, 2017. Asian stock markets were largely
flat on Thursday with investors in the U.S. markets going on a
Thanksgiving holiday and the Fed minutes largely in line with
investor expectations that the Fed will soon raise interest rates
for a third time next month.
(AP Photo/Ahn Young-joon)
the concerns that the U.S. ingly on inflation than on
inflation is falling short of growth,” said Stephen
Jobs growth in eurozone at ‘highest since dotcom era’
By PAN PYLAS 2011. falls in unemployment pre- caught many economists of the upturn, and the rate
Associated Press Chris Williamson, the firm’s senting a significant upside by surprise. at which rising demand is
LONDON (AP) — Jobs are chief business economist, risk for GDP growth,” said At the year’s start, many feeding through to the la-
being created across the said business across the Cathal Kennedy, European feared that the region, al- bor market, suggests the
19-country eurozone at eurozone is “booming,” Economist at RBC Europe. ready disturbed by Britain’s eurozone will see a strong
a pace not seen since and noted jobs are being Even before the survey, the vote last year to leave the end to 2017 and enter 2018
the turn of the millennium created at the fastest rate eurozone was already set European Union, ongoing on a firm footing,” said Wil-
thanks to stronger econom- since the dot.com era in to post its highest growth concerns over the euro liamson. The strong growth
ic growth, particularly in a the early part of the new rate in ten years. Earlier this and a slew of key elections, and falling unemploy-
resurgent France, accord- century. month, the European Union would face a difficult time. ment should in time help
ing to a closely watched The eurozone’s fourth- upgraded its growth fore- Though uncertainty over fuel price increases in the
survey Thursday. quarter growth could even cast for the eurozone this Brexit remains, the Greek economy. That would be
In another sign that a ro- come in at 0.8 percent, he year to 2.2 percent, which crisis seems contained and welcome news to the Euro-
bust economic recovery said, rounding off “the best would be the highest since populist politicians failed pean Central Bank, which
across the single currency year for a decade.” 2007. to make the breakthrough has enacted a series of
bloc is gathering momen- France, the eurozone’s The scale of the eurozone many economists feared stimulus measures over the
tum, financial information second-largest economy, recovery this year, which during those elections, no- past few years to get infla-
company IHS Markit said was one standout. Its index is broad-based across tably in France. tion up to its goal of just be-
its purchasing managers’ rose above 60 for the first countries and sectors, has “The broad-based nature low 2 percent. q
index — a broad gauge time since 2011 and hiring
of business activity across has picked up pace. Also,
manufacturing and servic- its growth, according to
es — rose to 57.5 points in the survey, outpaced Ger-
November from 56 the pre- many, the eurozone’s num-
vious month. ber one economy, for only
Anything above 50 indi- the fourth time in over five
cates an expansion and years.
the index now stands at “For next year, we see
its highest level since April stronger-than-expected
